Oaktree Capital Management LP, an alternative investment management firm, and investment affiliates of Steve Ballmer have invested $315 million in Aspiration and SPAC InterPrivate III Financial Partners Inc.

Aspiration is a global provider of sustainability-as-a-service services for consumers and companies. The investment broadens and deepens the suite of blue-chip institutions supporting Aspiration’s business combination. The expected net proceeds total to $700 million.

“As fighting climate change continues to become front and center for more people and businesses, Aspiration’s technology, brand and community of members make it one of the most significant new companies in the public markets,” said Steve Ballmer.

“The Oaktree and Ballmer financings, secured on attractive terms, confirm our thesis and significantly increase the minimum proceeds available for Aspiration to fully execute against all of its growth initiatives,” commented Ahmed Fattouh, chairman and CEO of InterPrivate III. “Our confidence has only grown as Aspiration has generated impressive operating results, forged promising new strategic partnerships, and added world-class investors.”

Union Square Advisors LLC served as the exclusive financial advisors to Aspiration leading the equity financing transaction with Oaktree. Latham & Watkins LLP served as legal advisor to Aspiration, Sullivan & Cromwell LLP served as legal advisor to Oaktree and White & Case LLP served as legal advisor to InterPrivate III.